Exodus Movement, Inc. (NYSE: EXOD) reported select operational metrics for July 2026, revealing a continued divergence in performance between its core Web3 services and its growing payment processing platform. While cryptocurrency trading activity cooled significantly, the company’s expanded payment infrastructure, bolstered by its acquisition of Monavate, delivered month-over-month growth.

Web3 Services: Stable User Base Amid Lower Volume

The company’s Web3 segment maintained a steady user base, with Monthly Active Users (MAU) holding constant at 1.4 million for both June and July 2026. However, trading intensity within this base softened significantly. Exchange swap volume fell from $398.5 million in June to $314.8 million in July, a decline of approximately 21%.

Despite the drop in total volume, the composition of trading activity remained unchanged. B2B XO swap volume accounted for 23% of total exchange swap volume in July, identical to its share in June. This stability in mix suggests that the decline in volume was broad-based across both direct users and enterprise partners, rather than driven by a loss of specific client segments.

James Gernetzke, CFO at Exodus, noted that while trading volumes declined, the mix of direct users and B2B partners remained constant month over month.

Payment Processing: Growth Driven by Monavate Integration

In contrast to the Web3 segment, the payment processing services showed positive momentum. The company reported 783,600 monthly unique active cards in July, up from 763,600 in June. This increase in active cardholders contributed to a rise in global transaction volume, which grew from $302.7 million in June to $338.0 million in July.

Gernetzke attributed this growth to card user and purchase activity attached to the acquired Monavate business. The data indicates that as the user base for physical card products expands, transaction volumes are scaling accordingly, providing a counterbalance to the cyclical nature of crypto trading volumes.

Note: Global Transaction Volume is calculated by converting total month transaction volume from British Pounds (GBP) to U.S. Dollars using the average currency conversion rate of 1 GBP to 1.34 USD for July and 1 GBP to 1.33 USD for June.

What the Numbers Show

The simultaneous stability in Web3 user counts and decline in swap volume highlights a shift in user behavior or market conditions where existing users are trading less frequently or in smaller sizes. Meanwhile, the parallel growth in active cards and transaction volume in the payment segment demonstrates the early success of the Monavate integration, suggesting that Exodus is effectively cross-selling or retaining users within its broader financial ecosystem beyond just crypto swaps.

Exodus Movement, Inc. (NYSE: EXOD) reported a net loss of $18.6 million for the second quarter ended June 30, 2026, marking a sharp reversal from the net income of $37.7 million recorded in Q2 2025. The self-custodial finance and payments platform saw revenue rise slightly by 2% to $26.2 million from $25.8 million in the prior year period. The widening loss was primarily driven by a 138% surge in general and administrative expenses to $44.7 million, as the company integrated its recent acquisitions of Monavate Holdings Limited and Baanx.com Ltd.

The financial results reflect the impact of the May 1, 2026, acquisition of Monavate and Baanx entities, which contributed to revenue and expense lines starting from that date. CEO JP Richardson stated that adding the payment infrastructure of these entities is core to Exodus’s strategy to become a diversified financial services company. Despite the top-line growth, operational metrics showed contraction, with monthly active users (MAUs) declining 6.7% to 1.4 million and total swap volume dropping 8.3% to $1.1 billion compared to Q1 2026.

Financial Performance Breakdown

Revenue growth was modest, while costs associated with partnership expansion and administration rose significantly. Partnership expenses increased 76% to $3.7 million from $2.1 million, and payment processing expenses appeared for the first time at $4.4 million, linked to the new card operations. Web3 platform expenses decreased slightly by 2% to $12.3 million.

Note: Percentage variances not considered meaningful for new line items.

Operational Metrics and Strategic Partnerships

Exodus’s core user base contracted during the quarter. Quarterly funded users (QFUs) fell 7.1% to 1.3 million from 1.4 million in Q1 2026. However, the newly acquired card business showed initial traction, with Monavate processing transactions on 1.1 million active unique cards and generating $0.6 billion in gross transaction volume.

Strategically, Exodus launched two major marketing partnerships in Q2 2026. In June, it became the inaugural Official Payments Partner of UFC®. Additionally, it announced partnerships with Latin American streaming platforms DGO and SKY+, enabling subscribers to pay for services using U.S. dollar-denominated stablecoins. These moves aim to diversify revenue streams beyond traditional crypto swaps.

What the Numbers Show

The divergence between modest revenue growth and explosive administrative cost inflation highlights the early-stage friction of integrating large acquisitions. While revenue grew only 2%, general and administrative expenses more than doubled, suggesting that synergy realization is still in its nascent phases. Furthermore, the decline in both MAUs and swap volume indicates that organic growth in the core Web3 segment may be stalling, placing greater pressure on the new payment infrastructure to drive future profitability. Adjusted EBITDA also worsened to a loss of $6.7 million from a $2.3 million loss in the prior year, reinforcing the near-term cost burden.